Las Vegas Tourism Board to Vote on Selling Former Riviera Land for $125M
After a sale of the same earth cut down through finally year, the Las Vegas Convention and Visitors Authority (LVCVA) has a young vendee for the 10 remaining acres of Las Vegas Strip terra firma where the Riviera gambling casino hotel formerly stood. And this vendee is willing to pay off $125M, $5M to a greater extent than the lowest one.
The LVCVA is scheduled to voter turnout on marketing the put down — simply in the south of the Fontainebleau on Las Vegas Boulevard at Elvis Elvis Presley Boulevard — at its next meeting on Mar 14. The LVCVA testament also need to expend $2M inward closing and other costs.
According to the LVCVA’s coming together agenda, the new buyers are Las Vegas developer Brett Torino and Alice Paul Kanavos, chairman and CEO of Flag Luxury Group of New York. The II partnered on the Harmon Retail Corner, which opened in 2012 at the corner of Las Vegas Boulevard and Harmon Avenue with tenants including Sugar Factory and Bubba Gump Shrimp Co. They’re also currently edifice 63, a four-story shopping mall next to The Shops at Crystals inwards the CityCenter complex. Among its first off tenants testament be the Ocean Prime eating house chain.
If the 14-member LVCVA gameboard votes to sanction the sale, the buyers will make pentad days to puddle a $3M non-refundable deposit, followed by another $2M after 90 days. The cut-rate sale deadline would follow September 11.
Proceeds would facilitate fund a $600M overhaul of the Convention Center scheduled to begin inward April.
Second Time’s a Charm?
In October 2021, the LVCVA proclaimed it would sell the same dimension for $120M to CB Investment SpA. That was the grouping controlled past Chilean billionaire Claudio Fischer, who developed the Monticello gambling casino resort hotel near Santiago Chile, and the Mungo Park Hyatt cassino hotel inward Argentina.
When that sales event missed its closing deadline on Dec. 15, 2022, the LVCVA canceled the deal and kept a $7M non-refundable deposit. In interviews, Fischer blamed rising US interest rates for mount out.
The LVCVA acquired the 26-acre Riviera site for $182.5M in 2015. They used it to build western United States Hall, a $1B, 1.4 million-square-foot expansion to the Las Vegas Convention Center that opened inward June 2021.
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